1. (a) Apple is currently trading at $210.00 per share. It is projected that Apple stock price will go down in the next month. A put option with strike 200 and expiry at the end of the month is valued at 2.1 dollars at the moment. An investor can either enter into a portfolio of shorting 100 shares of Apple (strategy 1) dollars into Apple put options (strategy 2). Evaluate the profit and loss of these two or investing 21,000 strategies under two scenarios: a) Apple stock at the end of the month is 190 dollars per share. b) Apple stock at the end of the month is 215 dollars per share